Fitch downgrades ratings on First Bancorp, subsidiary

KatherineHunt

SAN FRANCISCO (MarketWatch) -- Fitch Ratings on Monday downgraded the ratings on First Bancorp
FBP, +4.37%
and its subsidiary FirstBank Puerto Rico, following the retirement of Angel Alvarez Perez, president and chief executive officer and the resignation of Annie Astor-Carbonell, chief financial officer. The agency lowered First Bancorp's long-term issuer rating to BBB- from BBB, among other downgrades. Fitch said ratings of the Puerto Rico-based financial services company remain on rating watch negative. The agency said the departure of the senior executives follows the disclosure of an informal investigation by the Securities and Exchange Commission to review the accounting for purchased mortgage loans. Fitch said it believes the executive-level transitions increase uncertainty as to the company's ongoing management and strategy during and beyond the conclusion of the SEC investigation.

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